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Europe's Got Deals For Retirees, But Do Your Homework First

In the past, American retirees seeking a more affordable lifestyle might have headed south of the border to Mexico or South America for retirement. In such countries, it’s relatively easy to live large for less.

Since the financial downturn in Europe, some retirees are reviving the dream of a European retirement. While some retirees are heading to emerging countries in Eastern Europe, where luxuries have long been cheap, others are investing in properties that have become more affordable in recent years somewhere new —Western and Central Europe.

European Governments Offer Deals to Foreigners

In the wake of the devastating financial crisis, some countries are offering deals to foreigners willing to invest. Ireland, places no restrictions on foreigners wishing to buy; paying a stamp duty is all that’s needed when taking possession of a property. If you are looking to invest in commercial property, boosting your retirement revenue stream, Reuters reports that Ireland offers special deals.

Some countries haven’t always been as open to foreigners buying real estate, but they are trying to reform their ways. Portugal eased residency requirements for home purchases of at least 500,000 euros last year. Recently, Spain has followed suit and foreigners wishing to buy property worth over half a million euros can enjoy expedited residency permits.

With housing prices in affected countries dropping, and with volume high, it’s easier than ever to find good deals.

Before You Buy European Property

Don’t get too excited about your European retirement, though. Even with relaxed residency requirements, there are still plenty of pitfalls.

First of all, a residency permit in some countries is not the same as receiving a permit to work in the country. You might receive residency in a place like Spain, but you won’t have the right to work. If you decide you want to do some side jobs to supplement your retirement income, you’ll need to find out about work visa requirements, and jump through a few more hoops.

Additionally, you need to understand what you are getting into. Read the fine print on all documents, and make sure you understand the tax laws that apply to property in your country of interest. Work with a reliable, local real estate agent to find appropriate properties, and make sure he or she can answer your questions about taxes and fees satisfactorily before you proceed. Watch out for property ownership records, too. According to The New York Times, most of the property records in Greece are still handwritten in ledgers, and they aren’t assigned lot numbers — it’s all done by last name. If you plan to buy in Greece, be aware that some land surveys aren’t cut and dry.

Finally, consider renting before you buy. Even with relaxed requirements in some countries, the amount of effort and paperwork involved can be daunting. Make sure that you really do want to live in that particular city, and that you are pleased with the area. Get to know it before making a huge property commitment.